JSC “Latvian Shipping Company” holding company closed the year 2015 with a profit of 1 million EUR.

In 2015 JSC “Latvian Shipping Company” (LSC) operated with a profit of 1 million EUR comparing to profits of 1.6 million EUR in 2014. The profit was higher in 2014 due to the sale of non-core asset owned directly by LSC.

JSC “Latvian Shipping Company” Group performance results

The financial result of LSC Group for 2015 amounted to a loss of 7.22 million USD due to a loss arising from the reconsolidation of “LASCO Investment” Ltd. group with negative financial effect in the amount of USD 22.74 million. In 2014 LSC Group suffered a loss in the amount of 31.16 million USD.

2015 was an important year for the Company as a series of settlement agreements were signed with a number of individuals, including Former Management Board and Supervisory Council members thus terminating unwanted disputes and allowing the Group to concentrate on its core business.

Financial results of LSC Group in the audited report do not differ significantly from the unaudited report and are following: